One Rock Capital Partners, LLC entered into a definitive agreement to acquire the Tire Additives Business from Eastman Chemical Company (NYSE:EMN) for $800 million on June 9, 2021. The total consideration of $800 million consists of $725 million cash to be paid at closing and an additional amount of up to $75 million to be paid based on performance of the rubber additives business post-closing through 2023. The final purchase price is subject to working capital and other adjustments at closing. The transaction includes the rubber additives (including Crystex™ insoluble sulfur and Santoflex™ antidegradants) and other product lines, and related assets and technology of the global tire additives business of Eastman's Additives & Functional Products segment. The sale does not include the Eastman Impera™ and other performance resins product lines of the tire additives business. The transaction is subject to regulatory approvals and satisfaction of other customary closing conditions. The transaction is expected to be completed in the second half of 2021. Eastman expects the sale will be either neutral or accretive to adjusted earnings per share in 2022. Credit Suisse and JP Morgan acted as financial advisors; and Jones Day acted as legal advisor to Eastman. Alexander Johnson and Javier Stark of Latham & Watkins LLP acted as legal advisor; and RBC Capital Markets, LLC acted as financial advisor to One Rock. Herg, Addy of Baker Mckenzie (Malaysia) acted as legal advisor to Eastman Chemical Company in the transaction.

One Rock Capital Partners, LLC completed the acquisition of Tire Additives Business from Eastman Chemical Company (NYSE:EMN) on November 1, 2021. The acquired company will operate under the name Flexsys, a tribute to the legacy name of the business.